Once you understand what financial services are, you’ll quickly come to realize that American consumers are not getting the honest services that they have come to expect from banks. A bank is a business. They offer financial services for profit. Their primary function is to keep money for individual people or companies and to make loans. Banks – and all the Wall Street firms are banks now – play an important role in the virtuous circle of savings and investment. When households have excess earnings – more money than they need for their expenses – they can make savings deposits at banks. Banks channel savings from households to entrepreneurs and businesses in the form of loans. Entrepreneurs can use the loans to create new businesses which will employee more labor, thus increasing the earnings that households have available to more savings deposits – which brings the process fully around the virtuous circle. read more »
A pending bill in Congress to reduce carbon emissions via a “cap and trade” regime would have significant distorting effects on America's regional economies. This is because the cost of compliance varies widely from region to region and metro to metro. This is all the more important since such legislation may do very little to reduce overall carbon emission according to two of the EPA's own San Francisco lawyers. read more »
A good friend of mine, a Democratic mayor here in California, describes the Obama administration as "Moveon.org run by the Chicago machine." This combination may have been good enough to beat John McCain in 2008, but it is proving a damned poor way to run a country or build a strong, effective political majority. And while the president's charismatic talent – and the lack of such among his opposition – may keep him in office, it will be largely as a kind of permanent lame duck unable to make any of the transformative changes he promised as a candidate. read more »
Local democracy has been a mainstay of the US political system. This is evident from the town hall governments in New England to the small towns that the majority of Americans choose to live in today.
In most states and metropolitan areas, substantial policy issues – such as zoning and land use decisions – are largely under the control of those who have a principal interest: local voters who actually live in the nation’s cities, towns, villages, townships and unincorporated county areas. This may be about to change. read more »
You would think, given the massive dissatisfaction with an economy that guarantees mega-bonuses for the rich and continued high unemployment, that the GOP would smell an opportunity. In my travels around the country — including in midstream places like suburban Kansas City and Kentucky — few, including Democrats, express any faith in the president’s basic economic strategy. read more »
What is the real endgame of healthcare debate in Washington? Is it going to be a bailout of the insurance industry as opposed to a plan to provide healthcare for every American? The original jumping off point for this entire debate was that the United States is the only major industrialized country that does not have a national healthcare system. The debate has moved away from “how do you get healthcare” to “how do you get health insurance.” read more »
With autocratic states like China and Russia looking poised for economic recovery, it's often hard to make the case for ideals such as democracy and rule of law. To some, like Martin Jacques, author of When China Rules, autocrats seem destined to rule the world economy. read more »
Graffiti is a bane of urban life, a form of vandalism that demoralizes entire neighborhoods and invites worse crime.
Graffiti is an art form and an outlet for expression amid the jumble and obvious strains of urban life.
You’ll hear arguments from both of those viewpoints, depending on who you talk to about graffiti. read more »
When Andrew Jackson roamed the hills of the Carolinas, northern Georgia and eastern Tennessee, it was still frontier, and for generations the southern Piedmont remained economically and culturally isolated. Today, however, Old Hickory might be surprised to learn what this area has become. read more »
Understanding the potential role of social media such as blogs, twitter, Facebook, You Tube, and all the rest in local government begins with better understanding the democratic source of our mission of community service. The council-manager form of local government arose a century ago in response to the "shame of the cities" — the crisis of local government corruption and gross inefficiency. read more »